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Dunne: FBT rate for low-interest loans down
Hon Peter Dunne
Minister of Revenue
Tuesday, 24
November 2009
Media Statement
Dunne: FBT rate for low-interest loans down
The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will fall from 6.41% to 6.00% from the quarter that began on 1 October, Revenue Minister Peter Dunne announced today.
The rate is reviewed regularly to align it with the results of the Reserve Bank’s survey of variable first mortgage housing rates.
The new lowered rate reflects recent survey figures, based on a 41 basis points fall in variable first mortgage housing interest rates since the rate was last adjusted, effective from 1 July.
The new rate was set by Order in Council yesterday.
ENDS
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